High-end phone shipments expected to grow 17% this year

Shipments of high-end phones ($600-$799) are expected to grow 17 percent year-on-year this year, and this is largely driven by Apple and Huawei, according to a report released by market research firm Counterpoint Research.

The agency forecasts that global smartphone shipments will rebound a modest 3 percent year-on-year to 1.2 billion units in 2024, with the budget phone market ($150-$249) and the high-end phone market ($600-$799) being the main drivers.

In the budget cell phone market, it is expected to grow by 11% YoY in 2024, mainly driven by the Indian, MEA and CALA (Caribbean and Latin America) markets.

Steady investments by Chinese manufacturers such as OPPO, vivo, Xiaomi, and Transsion Group, in the MEA and CALA markets have intensified competition and fueled local demand for budget smartphones.

Meanwhile increasing competition among Chinese OEMs will be a key growth driver for the segment as demand for IT devices recovers in emerging markets.

As for the high-end handset market, the agency expects high-end handsets to grow 17% year-on-year in 2024, in particular, the launch of AI smartphones and the popularity of foldable devices will spur continued demand for high-end smartphones.

Apple and Huawei are likely to lead the growth in the high-end market, which will be fueled by steady demand for iPhones in emerging markets such as India, the Middle East and Africa.

Huawei is set to maintain its strong position in the Chinese smartphone market in 2024. With the release of its 5G Kirin chipset, the brand will continue to see strong demand in China.